SEC to grant moratorium for stock market investorsApril, 1, 2020
In a directive to the Colombo Stock Exchange and all stock brokers, SEC's Director General Chinthaka Mendis stated that, this decision has been made upon taking into consideration the decisions taken by the Central Bank of Sri Lanka to set up a Re-financing Facility to implement the decisions taken by the Cabinet of Ministers on 20th March 2020 to introduce a wide range of fiscal and financial concessions to those who have been adversely affected due to the unprecedented situation presently prevailing in the country.
“Therefore, all licensed Stock Brokers are hereby directed to pass on the benefit they will derive from the decisions announced by the Central Bank of Sri Lanka to their clients and are directed to refrain from charging and recovering interest on credit extended to their clients until 30th June 2020,” Mendis said.
“This will be a temporary measure and the Securities and Exchange Commission of Sri Lanka shall monitor and review the impact of this directive from time to time and shall reserve its right to amend, vary or repeal this directive anytime before or after 30th June 2020 if deemed appropriate,” he added.
This directive shall be effective from the date hereof until 30th June 2020.